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4. You are preparing to buy a vacation home five years from now. The home will cost $100000 at that time. You plan on saving
4. You are preparing to buy a vacation home five years from now. The home will cost $100000 at that time. You plan on saving three deposits at an interest rate of 10%: Deposit 1: Deposit $12000 today. Deposit 2: Deposit $15000 two years from now. Deposit 3: Deposit $ X three years from now. How much do you need to invest in year three to ensure that you have the necessary funds to buy the vacation home at the end of year five? $50,172.6
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